Lizhong Wheel (Hubei) Co., Ltd., a wholly-owned subsidiary of Lizhong Group, was established in February 2022 with a registered capital of 60 million, an area of 165 mu and 1000 employees. After the project is completed, it has the capacity to produce 3 million aluminum alloy wheels for passenger cars annually, and is the largest aluminum alloy wheel manufacturer in central China.
The total investment of the project is 600 million yuan, which is to be constructed in two phases. The first phase is planned to invest 350 million yuan. The construction will start in April 2022, with an annual capacity of 1.5 million aluminum alloy wheels. It is planned to officially put into production in early July 2022. Phase II plans to invest 250 million yuan to build a new production line with an annual output of 1.5 million aluminum alloy wheels by using the existing factory buildings. After the two phases of the project are completed and put into operation, 3 million aluminum alloy wheels can be sold annually, with an annual sales volume of 800 million yuan, an annual profit and tax of 35 million yuan, and about 1000 jobs.